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Our next passive income notion is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding website for creative people like artists and writers but really its for anyone with a side-hustle notion.
Patreon is actually how the arts used to operate hundreds of years back. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to acquire patrons for your own works. You build a community of people interested in your job, another usage of a site that does double-duty with this passive income strategy, and then request them to make contributions each time you create something. .
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Now patrons dont come off empty-handed, you offer rewards and copies of the work. So for a writer, you could offer copies of your books. You can promise to publicly thank patrons on your blog or to market something of theirs in the long run.
Even if every patron only contributes a very small amount each month, it can still be a massive source of income. Have a look at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of only $3 a month would be a monthly income of nearly $19,000 plus they get cheerleaders that are always pleased to spread the word on their brand. .
Our last passive income source is creating your own brand and selling via Amazon FBA. This really is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.
It used to be that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling products. With Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses across the country.
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The manufacturer is going to put everything together, package it and even put your label on it. Then you just run your advertising and sell everything from the webpage on the worlds largest internet shopping site.
Amazon FBA provides you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now begin for just a few thousand in inventory.
Ive got a few interviews on the blog from people that have begun shops through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 a month is readily achievable in less than that.
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Making legitimate passive income isnt as hard as you might think. A number of the best passive income thoughts might take a little time to install but can start money flowing within a couple of months and will offer a consistent monthly income for years or longer. The most important point is simply to get started.
In part three of the series we will go over the differences between remaining income and passive income. These two phrases are often used interchangeably, but in reality they are not the exact same thing. There are a number of go similarities, but there are also some big differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money that you earn more info here without doing any work. Often times this money comes in investments of time or money that you have made. With passive income that the person does not have to be involved with all the money they are making.
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Residual income includes payments you will receive following a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets to get a film or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which allows you to continue to make money from your work.
Residual income can eventually turn into passive income over time, as you can eventually earn money without doing an extra work. .
Now that you know the differences between passive and residual income, it is time to learn about some of the most common methods people use to earn residual income:
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-Selling goods online: This like this is one of the most common methods to earn residual income. It usually involves a fee that has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.